Do you have a succession plan in place for your business? If you don’t, you’re not alone. According to PwC’s latest Business Insights™ Pulse Survey, 54% of Canadian private company business owners do not have a plan outlining the future ownership of their business. And even more surprising is the fact that this number rises to over 70% when we looked at businesses with revenues less than $10 million.
So why do private company owners put off developing a succession plan? The answer is simple: Although they have had years of experience building and managing their own business, planning their exit is a once-in-a-lifetime event, that can at first seem complex and overwhelming.
Take control
But if you’ve devoted a lifetime to building what is likely now your most valuable financial asset, you owe it to yourself (and possibly your family) to maximize the return on your investment. And to do that, you need to take control of the process – which requires detailed thought and planning from start to finish.
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